Features in Reinsurance Accounting Solutions
for Reinsurance
Applications that manage complex financial transactions between insurers and reinsurers, including premium payments, loss recoveries, and commissions.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Accounting & Reporting
Comprehensive set of features for accounting compliance, financial reporting, and management information.
- Aging Reports
- Tracks overdue balances for receivables and payables.
- Audit Trail
- Captures a complete record of all accounting entries and modifications.
- Automated Accruals
- Automates calculation and posting of accruals for future obligations.
- Automated Journal Creation
- Automatically generates journal entries from transactions.
- Currency Translation Reporting
- Provides translated reports by currency for multi-national operations.
- Financial Statement Generation
- Creates GAAP, IFRS, and statutory financial statements.
- Reconciliation Tools
- Enables reconciliation of system balances with external systems.
- Report Generation Speed
- Average time to generate a standard accounting report.
- Standardized & Customizable Reporting
- Provides a library of standard reports and tools to build custom reports.
- Sub-ledger Accounting
- Maintains sub-ledgers for premiums, losses, commissions, etc.
Analytics & Business Intelligence
Supports sophisticated analysis of portfolios, contracts, counterparties, and risk exposures.
- Analytics Query Speed
- Response time for typical ad hoc analytics queries.
- Automated Alerts on KPIs
- Creates configurable alerts on critical analytics metrics.
- Claims and Loss Analysis
- Generates insights on loss ratios, claim frequencies, severities, etc.
- Counterparty Exposure Analysis
- Assesses exposure to reinsurers/retrocessionaires by metrics.
- Dashboards
- Interactive dashboards for real-time monitoring of KPIs.
- Drilldown Capabilities
- Provides detailed transaction-level drilldowns from dashboards.
- Export to BI Tools
- Allows export of data to tools like Power BI, Tableau.
- Portfolio Performance Analytics
- Analyzes contract, treaty, or portfolio-level financial performance.
- Predictive Modeling
- Supports predictive models (e.g., cash flow forecasts, reserve adequacy).
- Scenario & What-If Analysis
- Enables modeling of alternative portfolio or treaty outcomes.
Automation & Workflow
Automation and workflow tools to streamline processes and reduce manual intervention.
- Approval Routing
- Routes items for approval according to workflow maps.
- Automated Notification Engine
- Sends automated alerts/reminders to users for due actions.
- Bulk Action Processing
- Performs actions on groups of similar transactions at once.
- Business Rule Automation
- Automates steps based on user-defined rules.
- Custom Workflow Builder
- Allows customization and automation of common business processes.
- Integration with Communication Tools
- Connects with email and chat for notifications and workflow actions.
- Process Throughput
- Average number of workflow tasks completed per hour.
- Scheduled Task Automation
- Runs routine jobs (e.g., nightly settlements) based on schedules.
- Task Assignment & Escalation
- Assigns tasks and auto-escalates uncompleted tasks.
- Template Library
- Provides standard templates for documents and emails.
Claims & Settlements Management
Specific tools for managing large, complex, or catastrophic claims and ensuring accurate recovery from reinsurers.
- Automated Claims Notification
- Notifies relevant parties when a claim is recoverable under reinsurance.
- Claim Recovery Calculation
- Automatically calculates recoverable amounts and shares by reinsurer.
- Claims Settlement Capacity
- Maximum number of claim settlements processed per hour.
- Disputed Claim Handling
- Manages workflows for claim disputes and negotiation with partners.
- Event Aggregation
- Aggregates claims for event-based or CAT treaties.
- Interest and Penalty Calculation
- Automatically calculates penalties or interest for late settlements.
- Large Loss Tracking
- Monitors high-value or CAT event claims and recovery status.
- Partial & Installment Settlements
- Handles claims settled in parts or through payment plans.
- Salvage and Subrogation Tracking
- Supports accounting for salvage and subrogation recoveries.
- Subrogation Sharing
- Automatically shares subrogation recovery among participants.
Contract Management
Tools to administer the terms, structure, and lifecycle of reinsurance contracts.
- Attachment & Detachment Points
- Captures threshold and limit definitions for contracts.
- Automated Expiry Tracking
- Alerts on contract expiry or renewal deadlines.
- Clause Management
- Captures and manages specific contract clauses and endorsements.
- Contract Setup Wizard
- Guided process to create new contracts with all required parameters.
- Contract Versioning
- Tracks contract amendments and history over time.
- Contracts Supported
- Total number of concurrent contracts the system can manage.
- Counterparty Management
- Manages information and terms related to cedants, brokers, and reinsurers.
- Layered Structure Support
- Enables configuration of layered or multi-level treaties.
- Linked Contract References
- Ability to reference retrocession or related contracts.
- Support for All Contract Types
- Handles facultative, treaty, proportional, and non-proportional contracts.
Core Transaction Processing
Handles the management and processing of reinsurance-specific transactions such as premiums, claims (loss recoveries), commissions, and settlements.
- Automated Settlement
- Automates the settlement process for premium and claim payments.
- Batch Transaction Processing
- Processes high volumes of transactions in batch mode.
- Capacity
- Maximum number of transactions processed per minute.
- Commission Management
- Calculates, accrues, and manages different types of reinsurance commissions.
- Currency Handling
- Supports multi-currency transactions and conversions.
- Loss Recovery Processing
- Processes recoveries from reinsurers for ceded losses.
- Premium Booking
- Ability to record and process ceded and assumed reinsurance premiums.
- Retrocession Transactions
- Supports booking and management of transactions with retrocessionaires.
- Transaction Reversal
- Allows reversing or correcting posted transactions.
- Unallocated Cash Processing
- Ability to manage receipts pending allocation to specific contracts or accounts.
Customer Support & Vendor Services
Vendor support offerings and services that enhance customer success and system value.
- 24/7 Support Availability
- Round-the-clock support for urgent issues.
- Customer Satisfaction Rating
- Average customer satisfaction score with vendor services.
- Customization Services
- Ability to deliver software customizations as per client needs.
- Dedicated Account Manager
- Assigned manager for ongoing relationship and escalations.
- Implementation Services
- Vendor assistance for project implementation and migration.
- On-site Support Availability
- Can provide in-person, on-premise support as required.
- Regular Feature Updates
- Ongoing product enhancements and patching.
- Service Level Agreements (SLAs)
- Formalized commitments to uptime and support response times.
- Training Resources
- Access to user guides, training materials, and webinars.
- User Community Forum
- Online forum for peer-to-peer support and idea sharing.
Data Integration and Interoperability
Capabilities related to integrating with core insurance systems, general ledger, and third parties.
- APIs for Data Exchange
- Provides REST/SOAP APIs for smooth data interchange.
- Automated Data Validation
- Performs checks on data imports to detect errors and inconsistencies.
- Broker System Compatibility
- Allows integration with broker portals and systems.
- Core System Integration
- Seamlessly connects with policy administration and claims systems.
- Data Import/Export
- Enables bulk data upload and extraction in multiple formats (CSV, XML, JSON, etc).
- Document Management Integration
- Links documents, contracts, and correspondence with transactions.
- General Ledger Mapping
- Automates mapping of reinsurance transactions to general ledger accounts.
- Integration Speed
- Average time to sync core data feeds.
- Real-Time Data Sync
- Supports real-time synchronization with other financial and operational systems.
- Third-party Data Feeds
- Imports market rates and external reference data automatically.
Security & Compliance
Ensures safe handling of sensitive financial data and compliance with relevant industry/regulatory requirements.
- Audit Logging
- Maintains detailed audit logs of all user and system actions.
- Audit Retention Period
- Number of years audit logs are retained.
- Automated Compliance Checks
- Performs ongoing compliance checks as per rules.
- Data Encryption
- Uses encryption for data at rest and in transit.
- Data Masking
- Masks PII in screens and reports as required.
- Disaster Recovery Capabilities
- Supports high-availability and system failover.
- GDPR/CCPA Support
- Includes tools to comply with data privacy laws.
- Regulatory Reporting Compliance
- Supports SFCR, NAIC, Solvency II, IFRS 17 and other reporting standards.
- Role-Based Access Control
- Restricts access to functions and data by user role.
- User Authentication Methods
- Enables SSO, MFA, and other secure login technologies.
User Experience & Usability
Features that enhance ease of use, navigation, and user satisfaction.
- Accessibility Compliance
- Meets accessibility standards (WCAG, Section 508, etc.).
- Bulk Entry/Edit Tools
- Allows user to edit or add multiple records at once.
- Contextual Help & Documentation
- Built-in help, wizards, and guidance for users.
- Customizable Dashboards
- Allows users to configure their homepage/widgets.
- Localization/Language Support
- Supports multiple languages and localizations.
- Minimal Clicks Navigation
- Average number of clicks to complete a key task.
- Mobile Device Compatibility
- Optimized for use on tablets and smartphones.
- Modern User Interface
- Provides intuitive, clean, and responsive web-based UI.
- Personalized Settings
- Users can personalize notifications and data views.
- Search and Retrieval Tools
- Advanced filters and queries for quick record retrieval.